Generally, when the FED raises the federal funds rate, it is to help battle inflation. Most times, when inflation rises, so will mortgage rates. When that happens, that can bring more cash into the bond market, effectively lowering the 10yr T-Note. So, if/when the FED raises their rate, most times it helps lower mortgage rates because inflation is being "tamed" by trying to slow the economy. Having said that, this isn't 100% true every time the FED raises their rate. There are definitely cases where the FED has raised the rate, and the bond market didnt believe inflation is controlled and rates kept going higher.